Dukascopy

Gold to stay above 1,220

FX:XAUUSD   Gold/U.S. Dollar
96 0 1
"The general economic situation is giving support to the gold             market."
- a bullion trader in Hong Kong (based on CNBC)

Pair's Outlook
Gold             is gaining more and more ground. Although two days ago the commodity failed to gain a foothold above 1,250 dollars, the outlook remains bullish , even though the monthly indicators are mostly giving ‘sell' signals. The near-term sell-offs should be limited by the recently established up-trend and the weekly pivot point at 1,220/19, while the February maximum is the closest significant resistance. Beyond 1,264, the price should set its eyes on 1,307, the highest trading point of 2015.

Traders' Sentiment

A little less than three fourths of the SWFX market participants are pessimistic with respect to the precious metal. At the moment, 73% of open positions are short, which is 1 pp lower than the reading recorded 24 hours ago.
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